Business
FG to launch policy to prevent smuggling of mineral resources
The FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.
The Ministry of Mines and Steel Development has said it will work with the Gulf of Guinea Commission to prevent the smuggling of illegally mined solid minerals from Nigeria through Nigeria’s ports and the Gulf of Guinea.
This was disclosed in a statement by the Federal Government on Monday evening, after a meeting between the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, and a delegation from the Gulf of Guinea Commission, led by Rt. (HON.) John Gaul, who paid him a courtesy visit on December 11, 2020, in Abuja.
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Mr. Adegbite disclosed that the FG is working on a Downstream Policy to prevent smuggling.
Adegbite added that the Ministry is willing to support the Commission in all ways possible towards curbing the smuggling of solid minerals through the Gulf of Guinea.
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Citing policies by the FG to address issues of solid minerals smuggling, the Minister disclosed that the FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.
He added that when the policy goes into effect, “the issue of solid minerals smuggling will be drastically reduced.”
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Rt. (Hon) John Gaul, of the Gulf of Guinea Commission said, “the Gulf of Guinea is a huge business hub which can be leveraged on to generate huge revenue for government,” but lamented that most exports of solid minerals through the region are done illegally.
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The Gulf of Guinea Commission was established by the Treaty signed in Libreville, Gabon, on 3rd July 2001 by Angola, Congo, Gabon, Nigeria and Sao Tome and Principe, as an institutional framework for cooperation amongst the countries bordering the Gulf of Guinea, in order to defend their common interest and promote peace and socio-economic development.
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What you should know
Nairametrics reported last month that the Minister of Mines and Steel Development, Olamilekan Adegbite, said the Nigerian Mining sector needs huge funds for exploration projects in the country. He said,
- “Our focus is now on de-risking the sector, by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria and enabling a more investor-friendly environment through favourable incentives.”
READ: AFC to ink $100 million investment deal in Nigeria’s mining sector
Nairametrics also reported last month that the Federal Government announced the signing of an Express of Interest with La Mancha, a Luxembourg-incorporated private gold development & mining company to begin gold mining operations in Nigeria.
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